Oil down as Gulf of Mexico production restarts ease supply jitters

Oil fell as Gulf of Mexico production restarted after storm threats forced installation-closure, easing supply jitters which had sent global benchmarks to record highs last week.

Softer values today raised some speculation that prices could be in store for a sharp sell off.

Last week, tightening US crude supply as Gulf of Mexico production was under threat, lifted oil's value. A US interest rate cut also boosted the rally as it improved the outlook for economic growth.

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- Posted: 2007-09-24 10:02:04

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